So far there has been silence from Zuma in response to Tuesday's ANC order, suggesting a power struggle behind the scenes with new party leader Cyril Ramaphosa.

The rand has gained around 20 per cent since mid-November a year ago, with most of these gains achieved after Mr Ramaphosa in December won the ANC's nomination to replace Mr Zuma.

The family is suspected of using its connections to the president to influence Cabinet appointments and win state contracts, and has been a flashpoint for national anger over corruption in state enterprises during Mr Zuma's tenure.

Corruption scandals involving Zuma have sunk the popularity of the ANC, which holds stature as a key player that fought white minority rule and is credited with the dismantling of apartheid in 1991.

Zuma's spokesman could not be reached for comment.

Zuma said he had agreed to step down in June if the ANC accepted a phased transition.

Bianca Botes of Peregrine Treasury Solutions said she expects the rand to trade below the R12.00/$ level over the short term, on the back of a rebound in emerging market stocks and positive sentiment over Zuma's recall.

According to a statement released by the Hawks - the police's elite high-priority crimes unit - the raids were carried out at the home of the Gupta family in the plush suburb of Saxonwold here in connection with the Vrede farm investigation.

The ANC is under pressure to decide on Zuma's fate as opposition parties have demanded that Speaker Baleka Mbete move forward a motion of no confidence tabled by the EFF.

President Jacob Zuma broke his silence for the first time on Wednesday since discussions about his exit began.

"I have disagreed with a decision that is taken", he said.

The ANC's former head of intelligence, Zuma, 75, took office in May 2009, just weeks after prosecutors dropped graft charges against him.

If he refuses to step down, the matter will go before parliament, which could remove him on a vote of no-confidence.

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